FOR IMMEDIATE RELEASE:
ECRS Supports Independent Supermarkets in Call For Preservation of Debit Reform
BOONE, N.C., April 4, 2017 — In alliance with the independent supermarket industry, ECRS would like to announce it’s support for the preservation of the debit reforms, also known as the Durbin Amendment, passed as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Today, over 300 independent supermarkets and trade associations sent a letter to Congress in anticipation of the reintroduction of the Financial CHOICE Act. The data within the letter was articulated well and two of the requirements of the Durbin Amendment, the debit routing network requirement and the limiting of fees for banks with $10 billion or more in assets, have undoubtedly saved retailers and consumers significant sums in debit card processing fees.
The Dodd-Frank Act and Durbin Amendment were put in place to control debit fees charged per retail transaction in order to increase competition in the banking market and allow for independent and small retailers to remain competitive with national companies. This legislation was momentous in allowing fair competition to exist in a space where it formerly had not.
ECRS supports a business environment in which independence, entrepreneurship, and free enterprise are valued. If these reforms are repealed, fees will increase for merchants, security will decrease for consumers, and both competition and innovation will be reduced by major banking networks.
To read the full letter, please click here.
ECRS, founded in 1989, is a privately-held Retail Success Company driven by a desire to change the way retailers use technology in their operations. ECRS uses a value-focused, customer-centric approach to create success stories, not only through a comprehensive, unified commerce platform, but also with a team of highly-experienced retail automation specialists who will help retailers extract the maximum value from their investments. ECRS has over 4000 active retail locations, with installations in all 50 states, Canada and the Caribbean.
Caroline Catoe / ECRS
+1 (828) 265 2907 Ext. 5096